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Fixed Deposit interst income - GST Applicable

Muthaiah (accoutant) (37 Points)

13 August 2021  

Dear Sir.

 Greetings.  I am Muthaiah Jeyachandran From Tamilnadu.  I have a query. My firm have many Fixed Deposits with Bank. Every year bank pays our Firm Interest For Fixed Deposit.  The FD Interest Calculated as a Indirect Income.  in this, While Auditing GSTR-9, 9C For Fy : 2020-21, The Audit Executive Says,  The Fixed Deposit Interest is also GST Applicable.   If its Correcet how do for Last Year Interest GST in Current Year.

Please any one clear the issue.

Thanking You,

Muthaiah Jeyachandran.


 4 Replies

VIKAS SAINI (1129 Points)
Replied 13 August 2021

No gst applicable on fd
1 Like

Pratick Datta (43 Points)
Replied 13 August 2021

As per Notification No.12/2017 dated 28.06.2017 deposits, loans or advances in so far as the consideration is represented by way of interest or discount is exempted.
1 Like

Muthaiah (accoutant) (37 Points)
Replied 14 August 2021

Dear Vikas Saini,


   Thanks a Lot for your kind Reply.

Muthaiah (accoutant) (37 Points)
Replied 14 August 2021

Dear Mr. Pratic Datta,

  Thanks for your resposne. Just now downloaded the Notification. Thanks



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